Caretaker Prime Minister Anwaar-ul-Haq Kakar took action on Monday following a significant reduction in fuel prices, ordering a corresponding decrease in the prices of essential goods and services to alleviate the burden on the general public.
For the current fortnight, the government revised petroleum prices to bring long-awaited relief to the common people. The price per liter of motor spirit oil (petrol) decreased by Rs40, and high-speed diesel (HSD) decreased by Rs15. According to the Finance Division’s notification, these reduced prices would be effective from October 16 and would remain in effect for the next two weeks, with petrol priced at Rs283.38 per liter and HSD at Rs303.18.
The interim Prime Minister instructed relevant authorities in the federal and provincial governments to activate a rigorous price control mechanism and ensure strict enforcement of these directives.
“I urge all honorable chief ministers to reduce the prices of essential commodities and services accordingly. All efforts should be focused on passing on the benefits of the reduction in petroleum prices to the people of Pakistan. Authorities should ensure strict implementation,” PM Kakar stated.
Previously, the public welcomed the government’s decision to lower petroleum prices, seeing it as a much-needed relief from the adverse effects of high inflation on their daily lives. They noted that increases in petroleum prices led to higher prices for essential items, as well as public transportation fares and shipping costs, negatively affecting ordinary citizens.
With the government’s substantial reduction in fuel prices, people anticipated a cascading impact on the prices of everyday goods, transportation, and public transportation fares.
Praise for government’s Decision
The business community also lauded the government’s decision to reduce petroleum prices, considering it a positive step in combating inflation and offering much-needed relief to the general public across the country. They attributed these positive trends to the government’s uncompromising stance against illicit trade, smuggling of essential commodities, and the influence of the dollar mafia.
These measures contributed to the strengthening of the local currency against the dollar, facilitating local trade and business. Earlier in the month, the Consumer Price Index (CPI)-based inflation rate had surged to 31.4% year-on-year, rising from 27.4% in August, as reported by data from the Pakistan Bureau of Statistics (PBS), primarily due to soaring energy costs.
Inflation had risen for the first time in four months after the government increased fuel prices to meet the conditions of the International Monetary Fund’s (IMF) ongoing $3 billion bailout program.
